Contrary to almost every single poll, Congresswoman Mikie Sherrill beat her Republican challenger Jack Ciattarelli in the New Jersey Governor’s race by a whopping 13 points. Dr. Ben Dworkin, director of the Rowan Institute for Public Policy and Citizenship at Rowan University, provides his expert insight and analysis of election results.

Topics discussed:

• What contributed to Mikie Sherrill’s large margin of victory
• Why the polls were so off base
• Impact of President Trump’s endorsement of Jack Ciattarelli
• Who “Never Trumper” Republicans voted for
• Were the widespread wins for Democrats across the country a fluke or a trend?

Resources:

• NJCPA members’ economic priorities for Governor-Elect Sherrill
• Legislative Action Center

This episode includes a discussion on an SEC proposal to change the frequency of reporting and the implications of doing so. It also highlights a new tool from NASBA to help with CPA license mobility as states continue to adopt multiple pathways to CPA licensure.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• CPA Mobility tool
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

As finance teams face mounting pressures, from talent shortages to increasing reporting demands, many are turning to outsourcing as a strategic solution. At the same time, artificial intelligence is reshaping how financial information is processed, analyzed and reported. Hear about a new report from the Financial Executives International and CohnReznick about how outsourcing in finance and accounting is evolving in the age of AI.

Topics discussed:

• Overview of survey findings
• The most pressing issue for finance leaders right now
• Uncertainty about the role of AI
• How finance leaders should approach AI when making outsourcing decisions
• Opportunities and challenges with outsourcing
• Advice for finance leaders considering outsourcing

Resources:

• Full report: Financial and Accounting Outsourcing in the Age of AI
• Highlights of report

The Financial Accounting Standards Board issued a new standard the that addresses concerns about accounting for derivatives. It covers the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract as well as the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• FASB Issues Standard on Derivatives Scope Refinements
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

How can public policy, private enterprise and smart regulation work together to build a stronger New Jersey economy? Eric Brophy, former Deputy Chief of Staff for Economic Growth to Governor Phil Murphy and now co-chair of the new Government & Regulatory Law Group at CSG Law, joined us to discuss his time in the Governor’s Office shaping state economic initiatives, his new role at CSG and what’s ahead for New Jersey’s business and regulatory landscape.

Topics discussed:

• The biggest policy or political challenge Eric faced
• How New Jersey can best compete with neighboring states for major business investment
• One economic development initiative Eric wishes got more public attention
• Misconceptions about how businesses can engage with state agencies
• Eric’s new role at CSG Law
• Addressing common stumbling blocks for private entities dealing with state government
• Major economic or regulatory trends shaping New Jersey in the next 3-5 years
• If he had a magic wand, the one aspect of New Jersey’s business climate Eric would improve

Resources:

• Connect with Eric Brophy
• About CSG Law’s Government & Regulatory Law Group
• Economic and regulatory news

A new report from the Illinois CPA Society (ICPAS), titled The Readiness Divide, explores the disconnect between how early-career accounting and finance professionals view their skills and how their managers assess their readiness. Geof Brown, president and CEO of ICPAS, discusses the report’s findings, including gaps in communication, critical thinking, problem solving and even tech skills – and what these gaps mean for the accounting profession.

Topics discussed:

• Overview of the report and why it was created
• The disconnect between self-awareness and employer expectations
• Risks if gaps in communication, critical thinking and problem-solving are not addressed
• Practical steps to close the divide
• Final takeaways

Resources:

• The Readiness Divide: How Next-Gen Accounting Talent Measures Up
• Career Development Knowledge Hub
• Employee Management Knowledge Hub

We’re covering three topics in this episode: proposed modernization of peer review administration requirements, proposed private-equity-related updates to peer review standards and guidance on attest client association.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• Proposed Peer Review Standards Update No. 3, Modernizing Peer Review Administration Requirements
• AICPA Seeks Comment on Administrative Peer Review Proposal for Firms with Private Equity Backing and Other Alternative Practice Structures
• PEEC releases guidance on attest client association, simultaneous employment
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

One of the hottest topics in the profession right now is compensation. Accounting Today recently released its 2025 Salary Survey, which offers a comprehensive look at pay across firms of all sizes and levels.

Dan Hood, editor in chief of Accounting Today, breaks down the survey results and what they mean for firms, professionals and the CPA pipeline.

Topics discussed:

• Key takeaways from the survey
• Why salaries have increased
• Manager and partner salary increases at smaller firms
• Impact of total compensation packages
• How small firms are keeping up
• Rethinking culture, career development and other non-monetary factors

Resources:

• 2025 Accounting Today Salary Survey
• Career Development Knowledge Hub
• Employee Management Knowledge Hub

Find out about the new standard from the Financial Accounting Standards Board that updates the guidance on accounting for internal-use software costs.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• FASB Issues Standard That Makes Targeted Improvements to Internal-Use Software Guidance
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

This fall, a new advanced placement course is being piloted at 100 high schools across the country. AP Business with Personal Finance is designed to give high school students a strong foundation in business, economics and personal finance and, importantly for the accounting profession, it includes a significant unit on accounting. Hear about the impact of the course from Livingston High School’s Alex Lamon - one of the teachers piloting the program - and Alexander Chang, a student who has taken the course.

Topics discussed:

• Overview of the AP Business with Personal Finance course
• Information about the accounting unit of the course
• Student perspective on the AP course
• Impact on providing students with business/accounting exposure
• Overview of Money Talks Conference
• How students view accounting and financial literacy

Resources:

• About AP Business with Personal Finance
• New Jersey Council for Economic Education
• CPA Pipeline Knowledge Hub